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CNN
Dec 27, 2012 9:00am PST
, the spending cuts known as the fiscal cliff, but we are four days away from another financial challenge. that is the debt ceiling. now, compared to reaching your limit on your credit card essentially, treasury secretary timothy geithner said the u.s. is going to reach its borrowing limit on monday. he says, quote, i am writing to inform you that the statutory debt limit will be reached on december 31st, 2012, and to notify you that the treasury department will shortly begin taking certain extraordinary measures authorized by law to temporarily postpone the date that the united states would otherwise default on its legal obligations. there is wiggle room. that is equivalent to two months of borrowing. >>> now to the other financial crisis that could mean higher taxes for all of us. will congress send the country over the fiscal cliff or will they come up with some sort of deal and hit the brakes? the senate returned today hopefully to come up with some kind of deal. dana bash is flling this on capitol hill. i imagine we're all working over the holidays and i fess we're going to be workin
CNN
Dec 25, 2012 8:00am PST
in hawaii and, yes, christmas brings us one day closer to possibly the fiscal cliff, the huge tax increases, spending cuts that could take effect in one week or so. brianna keeler is watching there in hawaii, joining us with the update. first of all, how is the president, how is the first family spending the holiday? >> presumably right now they are sleeping in, suzanne, because it is still very early here as you know. >> what time is it? >> we are expecting of course they'll have a christmas. let's see. 6:00 in the morning bright and early. we've been at it for a few hours. we expect them to have a nice christmas meal at the house they're renting. the white house chef is here. maybe we'll get details on what they are going to eat. there is nothing on the president's public schedule. he is frequently gone and visiting with troops in the past so we wouldn't be surprised if he did that again today. i will tell you that bo the dog is actually along for the ride here in hawaii and the white house released a video where bo just really kind of steals the show. let's look at a little of that. this
MSNBC
Dec 26, 2012 7:00pm PST
hawaii vacation short to deal with the fiscal cliff. >> really, it's kind of like falling down stairs. we have a dysfunctional congress. >> speaker boehner needs to bring his party along. >> it's pretty clear that he could not bring them along. >> john boehner doesn't seem to have full control of his caucus. >> they were this close. >> the republicans will be blamed. >> they were this close to a solution. >> we're going to head over that cliff. >> i know it's hard for the republicans. the minute those leaders move forward, they get viscerated. >> guns shouldn't be available for anyone, any time, anywhere. >> the conversation still wages on. >> its plan to add more guns to schools. >> a completely dumb-ass idea. >> i don't think the nra is listening. >> you can call it whatever you want to call it. >> congress hasn't confirmed the director of the bureau of alcohol, tobacco and firearms. >> dysfunctional, dysfunctional, dysfunctional congress. >> we're not going to allow what has happened in the past to go on. >> congress has just three business days to pass legislation to avoid going over
CNN
Dec 24, 2012 4:00am PST
and spending cuts this holiday seas season. only eight days left until america goes off the fiscal cliff. both sides are taking a holiday break, and all we're getting is the blame game. some republicans suggesting that the doomsday scenario that's now unfolding is all part of a white house plan. >> when i listen to the president, i think the president is eager to go over the cliff for political purposes. i think he sees a political victory at thement bot of the cliff. he gets all this additional tax revenue for new program. he gets to cut the military, which democrats have been calling for for years, and he gets to blame republicans for it. >> white house correspondent breanna keilar has the envy of all assignments of traveling with the president and joins us live from honolulu, hawaii, this morning. breanna, good morning to you. >> reporter: good morning to you, alina. the bottom line here, beginning this week, is that substantive conversations between democrats and republicans are basically nonexistent. the white house and senate democrats are not in communication not only with house republi
CNN
Dec 24, 2012 9:00am PST
. unfortunately, they agree that going over the fiscal cliff is now a real possibility. you got the democrats, the white house republicans. they all say it is possible they're not going to reach a deal to avoid the massive tax increases and spending cuts that will take place in just eight days brianna keeler is in honolulu. i'm not going to tease you about hawaii being a junket, because i know it's hard work and you're doing something. >> thank you. >> absolutely. i'm a little jealous of the water and backdrop and sand. never mind. i won't hate here. tell us, are there any conversations that are going on between the president, the republicans, the democrats, anybody to aavoid the fiscal cliff? >> reporter: well, this is what may be alarming to learn, suzanne. obviously, the white house is always in concert with senate democrats. there's always an open line of communication there, but there are really no substantive discussions going on with the white house and senate democrats with republicans both in the house and the senate. that may seem troubling at this point, because obviously eyes are
CNBC
Dec 24, 2012 12:00pm EST
of the tax situation and pending cuts, do you see anything from the fiscal cliff? >> i think the average consumer doesn't understand the fiscal cliff but i think they watch the news and understand something is wrong and people are very worried about it. i think that the way things stand now, if we do go over the cliff, it is going to be most of an impact for lower end consumer. i think the higher end consumer still has an ability to spend. certainly maybe a bit more cognizant of impaktd opinion but their ability to spend on discretionary categories, it is not hammered to the extent it'll cause major pull back in spending and categories of things we cover. maybe they won't buy boats and homes, but i think sweaters and watches will sell good in that category. >> that is certainly a big, big worry but again a worry for lower end consumer. more so than the higher end consumer. if you look at employment trends, high end versus low end, it is a very different story and i think that the lower end consumer is the consumer i'm most worried about if we good over the fiscal cliff. >> what do you th
CNBC
Dec 24, 2012 9:00am EST
christmas, of course, still no fiscal cliff resolution. the $500 billion in spending cuts and tax increases start on january 1st unless the white house and congress reach some sort of agreement. we're joined by former pennsylvania governor ed rendell, co-chair of the campaign to fix the debt. and a cnbc contributor. governor, happy holidays. good morning to you. >> good morning, guys. >> so we're sitting here wondering what can be done in the next seven days. even in your role, if you're having to reset expectations. >> sure. i think it's fair to say the campaign is disappointed. we're not going to -- unless lightning strikes, we're not going to get a big deal. we're going to get something that avoid the cliff. kicks the can down the road on the serious issues. the serious issues, the can gets kicked into the debt ceiling. president says he's not going to deal with the debt ceiling. who knows what's going to happen at that point. i think we blew an opportunity in the last seven weeks to really sit down, do something good for the country, do something good for the economy, of our country and
CNN
Dec 28, 2012 11:00am PST
'm sure many americans are trying as well. >>> we talked about the effect of hitting the fiscal cliff on american taxpayers. what about businesss? what about businesses? rick newman of u.s. news and world reports tells us they're cutting back already. >> to say that business leaders are anxious i think is an understatement. i think they're thoroughly disgusted because you couldn't run a business like this, and they all know that. it is just kind of driving them crazy. but business leaders have been watching this for a long time, don. unlike a lot of consumers who may have just started paying attention over the last couple of weeks. business leaders have known this is coming for a long time. they know how ugly and dysfunctional it was in 2011 when we went through something similar with the debt ceiling. and they have more or less been expecting the same thing. so what we have seen over the last couple of months is that business activity has really slowed down. >> rick newman, u.s. news and world reports. why don't we remind you once again, that meeting is under way at the white house.
CNBC
Dec 27, 2012 6:00am EST
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CNN
Dec 28, 2012 4:00am PST
spending, what do you do? >> set the fiscal cliff aside for one moment. you've done extensive research on recovery from recessions. where are we in the current recovery? what in your estimation does 2013 look like from an economic standpoint. >> fairly normal from world war ii financial crisis, housing recovers on cue five or six years later. the good news is that there's stable underlying growth. the bad news is you don't get the zoom you got out of it during the depression. >> we're in year five of a seven year process. >> more than seven years. >> last time you were here you said we were half way through regardless of who wins in 2012. the next four years would not look much better than the past four years. >> we're going to have, i don't know if not very much better than the past four but we're not going to have fantastic growth. unemployment will take many more years to feel normal, so we have many years left in the recovery but hopefully in two or three years we feel like we're moving there and not at the starting point. >> let's talk about the global picture here. you have slow
CNBC
Dec 26, 2012 7:00pm EST
. we acted to put off the fiscal cliff several months ago with a bill that without objection tend all of those bush tax rates into the future and would turn off the sequester by switching defense cuts over to domestic programs. democrats, of course have no intention of doing that. especially after president obama won the election. senate democratic leadership aide tells me that will remains a 50/50 chance we will get a mini deal temporary extension of tax cuts under $250,000 before the january 1 deadline when we would go over the cliff. will are no assurances of that. a white house official told me as president obama prepares to fly back to conduct and participate in the negotiations at the end, there has been no progress over the holiday weekend. michelle, i'm afraid that people who are looking for a deal and looking for a deal by december 31, all hope is not lost. it is not looking good at the moment. >> let's go back to this hitting the debt ceiling on monday. we learned of this because treasury secretary tim good night mother sent a letter to the honorable harry reid majority lead
CNBC
Dec 28, 2012 6:00am EST
with congressional leaders at 3:00 p.m. eastern time today in a last ditch effort to avoid the fiscal cliff. the house majority leader eric cantor is now telling members to be prepared to work through january 2nd. both sides still far apart, however, on taxes and spending cuts. senate majority leader harry reid says prospects for a deal by monday are still unlikely. there was a lot of movement, motion for not a lot of action. >> where were you yesterday? >> i was here. we were together. >> were we ever with our -- no. but there were duelling senate leaders just -- first mcconnell came on. and he said -- did you see either one of those? >> i did. >> did you see harry reid? >> there's no chance of -- >> but if you think -- i want to rise above. there was so little of anything close to that yesterday other than just the -- i mean, people at home must be like, it's the endless blaming and finger pointing and, you know, when one side says it's all the other side's fault and all the other side comes on and says people at home aren't going, wow, i believe you, harry. or i believe i, mitch. they're
Search Results 0 to 11 of about 12